WindForce to acquire rooftop solar company for Rs.265mn

WindForce PLC, the pioneers of renewable energy in Sri Lanka, is set to acquire Sky Solar (Pvt) Ltd owned by Sunshine Energy (Pvt) Ltd for a total consideration of Rs.265 million.

WindForce last Friday said it signed a share sale and purchase agreement for 100 percent of the controlling stake of the company. 

Sky Solar currently owns and operates 2.2 MW of rooftop solar at eight factories located in and around Colombo.

Having been in the renewable energy industry for over a decade, WindForce PLC has established 27 plants across Sri Lanka, Pakistan, Uganda, and Ukraine and continues to bring new projects under its wing.  The acquisition of Sky Solar (Pvt) Ltd. will increase the company’s installed capacity from 218 MW to 220.2 MW and brings its number of rooftop solar plants in operation to three.

After the initiation of net metering in Sri Lanka in 2011, the contribution of rooftop solar to the national grid rose to 31 MW in a short period of five years via domestic systems. Investments in the rooftop solar industry have proven to be a more cost-effective, sustainable alternative to nonrenewable energy resources in the long run.

Being at the forefront of the renewable energy industry in Sri Lanka, WindForce continues to expand and bring the country forward through the latest technology and innovation- contributing to Sri Lanka’s efforts towards attaining 70 percent renewable energy by 2030.